OPINION:
As reported in “Biden’s budget calls for massive tax increases and $7.3T in spending” (web, March 11), President Biden asked for an eye-popping $7.3 trillion in government spending in his 2025 budget proposal. He has pledged to reduce the national debt by persuading Congress to soak the rich and corporations with massive tax increases.
Apparently, Mr. Biden figures the government can collect $5.5 trillion in revenue next year, which would leave a $1.8 trillion deficit. I remember in the 1970s, when the national debt reached $1 trillion. The consensus of the nation’s top economists was that the U.S. economy could not be sustained under such debt. The interest, they said, would continue to increase, soaking up the nation’s income so that the economy eventually collapsed.
Now the debt is over $34 trillion, but Mr. Biden, like a Las Vegas gambler who can’t seem to get away from the blackjack table, wants to spend another $7.3 trillion. If he increases taxes on large corporations and those he considers rich, those corporations will have to increase wholesale prices to make up for the government takeaway, and the flame of inflation will be fanned once again.
Mr. Biden is continuing the tax-and-spend philosophy, which is the economic equivalent of a dog chasing its own tail until it runs up its own behind.
JACK DUCKWORTH
Burke, Virginia
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